Ferrari’s Chairman to Be Named Vice Chairman of UniCredit image

Luca Cordero di Montezemolo, Ferrari’s Chairman, expected to be named vice chairman of UniCredit, the biggest bank by assets in Italy.

Montezemolo is already on the company’s board, representing Abu Dhabi investment vehicle Aabar, UniCredit’s biggest shareholder with a 6.5% stake. The vice chairman position was previously held by Khadem Al Qubaisi, the head of Aabar, who resigned at the beginning of this month. UniCredit’s committee and governance will propose Montezemolo to the board on October 18th.

Two days ago Luca di Montezemolo told his team to focus on ‘hold its nerve’ ahead of the Japanese Grand Prix, which is seen as the crucial tipping point in the 2012 F1 drivers title battle. Team principal Stefano Domenicali said that Alonso has to win at least one more race if he wants to be crowned champion, so Montezemolo dies his best to encourage and motivate Fernando.

“I will speak to Fernando by phone soon to give him even more motivation with which to tackle these last five races, with the bit between his teeth,” said the Ferrari president. “It’s at times like these that I want to see the Ferrari I know. A team that is focused and that holds its nerve.”